So, your home has been on the market for months without a bite. Or perhaps you have received an offer or two but you are insulted by the low bids you received. You take your home off the market hoping that a few months off will bring out a new crop of buyers when you relist. But will it? The reality is that your first listing provided lots of signals as to why it didn’t sell. It’s time to look long and hard at those signals.

 

Here are seven tips to consider before relisting your home:

 

1.    What did the home tours tell you?

If you had lots of people touring the home but any offers received seemed low or perhaps no one came through at all, you need to take a good long look at both your asking price and the condition of your home. If the feedback was that you need to renovate your kitchen or the furnace needs replacing, then that should be done or reduce your asking price by the cost of the renovation/replacement. Homebuyers are looking for a home that is move-in ready. If your home is showing signs of age it will have a negative impact on your ability to sell. Either make some updates or reduce your asking price.

2.    What is your listing agent telling you?

Homeowners hate it when a listing agent tells them to reduce the price. However, you need to think long and hard about the discussion you had with your agent prior to listing. If he recommended one price but you thought it was too low so the agent listed as you asked, then the market has now told you that your price is too high.

3.    Compare your home to the other homes in your neighbourhood that have sold in the past two months

Take a good long look at the market comparables for your home. In addition to the sale price, you need to consider the size and condition of the homes that have sold and how they compare to yours. There is a strong chance that those that sold had updates your home may be missing.

4.    Make a few improvements

No resale home is perfect, but the closer you get to perfect the better your chances are of selling. Walk through your home with your agent and let him tell you where you should make the improvements. While you may need to improve your master bathroom, in your neighbourhood that might only require a new counter top, new faucets and a low flow toilet rather than a $15,000 renovation. Spend your money strategically adding to the resale value while ensuring a high return on any money you invest.

5.    Staging

Homebuyers find it tough to visualize what the furniture might look like when they walk through a home. Staging is key, not only to make your home look its best but also so that buyers can get a feel for how it might look with their furniture. It’s important that the staging include well-proportioned furnishings to make the home feel spacious.

6.    Marketing

The final step before relisting is to take a close look at how the home was marketed during the first listing and come up with an effective marketing plan for the new listing.

• Hire a professional photographer to take the pictures. The lighting they use and the quality of their equipment will make the home look its best.
• Ensure the property description tells the story of what makes your home unique. Use an opening line that tells them why your home is special.
• Your real estate agent isn’t the only one who should be spreading the word about your listing. Send out an email to your friends with a link to the MLS listing. If you use social media, even if it is only occasionally, write a post letting everyone know your home is for sale.
• Ensure that your realtor is using their social media as well. Discuss a social media strategy with your agent and consider a budget for some social media advertising.

 

The biggest mistake you can make before relisting your home is to do nothing. The fact that it didn’t sell tells you there were issues that need to be resolved. Every home has a selling price. The trick is to come up with the right strategies to ensure you get the best price possible for your market.

 

If you would like advice on what strategies you should use to list your home contact us for a no-obligation consultation.